As the Chinese driven commodities “super cycle” wound down and miners’ balance sheets came under pressure globally, management teams, investors, bankers and observers alike were left to wonder when, where, and how the next commodities bull market would manifest itself. Commentators speculated that the next commodities super cycle was a decade off and would be driven by growth in India or possibly by the urbanisation of Indonesia.
While GDP growth and urbanisation of emerging and frontier markets certainly helps commodities demand, almost universally investors, miners, and commentators failed to predict the bull . . .